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Paychex-IHS Small Business Jobs Index declined to 100.79 in March
The Paychex | IHS Small Business Jobs Index declined 0.05 percent during the past month, bringing the national index to 100.79 in March. The minor retreat, however, did not halt the positive momentum generated in January and February. The national index is up 0.23 percent for the first quarter of 2015, representing the best three-month gain since the index was publicly released last year. The West North Central region continued its strong showing and remains the top-ranked regional index. Indiana and Washington lead the state index ranking, with Texas falling to third. Dallas extends its streak to six consecutive months in the top spot among metro areas.
At 100.79, the Paychex | IHS Small Business Jobs Index matches levels seen last fall, indicating strong job gains, though not as strong as the gains seen during last spring and summer.
Even with the March growth rate slowing slightly, the first three months of 2015 were the best quarter of small business job growth that we've seen in the past year.
With the national index at 100.79, employment conditions in the U.S. remain strong despite a slowdown of 0.36 percent since last March. While the pace of job growth increased for a majority of the regions during the first quarter of 2015, the New England and Middle Atlantic regions declined further, possibly related to one of the harshest winters on record.
At 102.81, the West North Central increased its lead as the top-ranked regional index, spiking 0.41 percent in March and 1.55 percent in the past 12 months, despite weak overall jobs data per the BLS. The Pacific region had its best three-month growth rate in more than two years at 0.63 percent, boosting the national index in 2015. While most regions have rebounded in the first three months of 2015, New England has weakened further with the lowest regional index at 99.74.
Posted: March 31, 2015 Tuesday 08:30 AM